Single-family home prices increased at a non-seasonally adjusted annual rate of 4.7 percent from Q1 2022 to Q1 2023, down from the previous quarter's revised annual growth rate of 8.6 percent, according to Fannie Mae's (FNMA/OTCQB) latest Home Price Index (FNM-HPI) reading, a national, repeat-transaction home price index measuring the average, quarterly price change for all single-family properties in the United States, excluding condos. On a quarterly basis, home prices rose a seasonally adjusted 1.0 percent in Q1 2023, above the 0.0 percent growth seen in the prior quarter. On a non-seasonally adjusted basis, home prices also increased by 1.0 percent in Q1 2023.
NOTE: The Fannie Mae Home Price Index (FNM-HPI) is a national, repeat-transaction home price index measuring the average, quarterly price change for all single-family properties in the United States, excluding condos. The index is produced by aggregating county-level data to create both seasonally adjusted and non-seasonally adjusted national indices that are representative of the whole country and designed to serve as indicators of general single-family home price trends.